BOC WILL BE CONSDIERING FURTHER RATE CUTS

BOC DOESN'T SEE A RECESSION, RATHER SLOW GROWTH

BOC SAYS WEAKER CAD DRIVEN BY USD STRENGTH

MNI China Daily Summary: Wednesday, December 11

MNI BRIEF: Chinese Rail Passenger Numbers Break Record

MNI: PBOC Net Injects CNY37.3 Bln via OMO Wednesday

US EIA: CRUDE OIL STOCKS EX SPR -1.42M TO 422.0M DEC 06 WK

BOC CUTS RATE 50BPS TO 3.25%, SEES GRADUAL APPROACH FROM HERE

MNI: US NOV CPI 0.3%, CORE 0.3%; CPI Y/Y 2.7%, CORE Y/Y 3.3%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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JPMorgan On Brazil Election/Fiscal Framework

BRAZIL
  • As candidacies become official and candidates submit their economic and social programs to the Electoral Court, as required by law, they continue to focus on themes such as social benefits, taxes, and medium-term public investments.
  • Much of what is being promised on the campaign trail is inconsistent with the current fiscal framework.
  • While JPMorgan believe that structural decisions will most likely materialize only in 2023, they acknowledge that changes to the framework may happen as early as the Q4, even if just to guarantee the current pace of expenditures is sustained.
  • Thus far, some recent polls show a narrowing of the gap between Lula and Bolsonaro as fiscal stimulus starts to kick in. They believed today’s IPEC poll was an important event to watch.
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